2 Issued check # 1103 for $2,270.00 to Central Insurance Company for the premium
ID: 2586282 • Letter: 2
Question
2 Issued check # 1103 for $2,270.00 to Central Insurance Company for the premium on a $30,000 policy for one year beginning December 1.
2 Issued check # 1104 for $1,047.75 to Complete Advertising for store advertising materials.
2 Issued check # 1105 for $2,456.25 to the Fresno Bee for advertising for the month of December.
3 Sold computers on account to Blue Sky Enterprises, Invoice # 708, for $4,106.25. Cost of goods. Cost of goods $3285.00.
3 Issued check # 1106 for $7,011.75 to Sam’s Furniture for the purchase of new office equipment for the office.
3 Received an invoice for $560.25 from Lopez & Ortega, Attorneys for legal services. (Debit Professional Fees Expense.)
3 Purchased computers on account for $5,586.75 from SF Computers.
3 Cash sales for December 1-2 were as follows:
peripherals, $7,824.00
computers, 5517.75
Cost of goods $4,414.20 & $6,259.20 respectively.
6 Received a check for $1,543.50 from Valley Builders in payment of our invoice of Nov. 25 for $1,575.00, less discount.
6 Sold computers on account to Northeast Realtors, Inc. Invoice # 207 for $734.25. Cost of goods $587.00.
2 Issued check # 1103 for $2,270.00 to Central Insurance Company for the premium on a $30,000 policy for one year beginning December 1.
2 Issued check # 1104 for $1,047.75 to Complete Advertising for store advertising materials.
2 Issued check # 1105 for $2,456.25 to the Fresno Bee for advertising for the month of December.
3 Sold computers on account to Blue Sky Enterprises, Invoice # 708, for $4,106.25. Cost of goods. Cost of goods $3285.00.
3 Issued check # 1106 for $7,011.75 to Sam’s Furniture for the purchase of new office equipment for the office.
3 Received an invoice for $560.25 from Lopez & Ortega, Attorneys for legal services. (Debit Professional Fees Expense.)
3 Purchased computers on account for $5,586.75 from SF Computers.
3 Cash sales for December 1-2 were as follows:
peripherals, $7,824.00
computers, 5517.75
Cost of goods $4,414.20 & $6,259.20 respectively.
6 Received a check for $1,543.50 from Valley Builders in payment of our invoice of Nov. 25 for $1,575.00, less discount.
6 Sold computers on account to Northeast Realtors, Inc. Invoice # 207 for $734.25. Cost of goods $587.00.
Explanation / Answer
02-Dec Prepaid insurance 2270 Cash 2270 02-Dec Prepaid expense 1047.75 Cash 1047.75 02-Dec Advertising expense 2456.25 Cash 2456.25 03-Dec Accounts receivable 4106.25 Sales revenue 4106.25 03-Dec Cost of goods sold 3285 Merchandise invntory 3285 03-Dec Professional fees expense 560.25 Accounts payable 560.25 03-Dec Computers 5586.75 Accounts payable 5586.75 03-Dec Cash 13341.75 Sales revenue 13341.75 03-Dec Cost of goods sold 10673.4 Merchandise nventory 10673.4 06-Dec Cash 1575 Purchase discount 31.5 Purchase s 1543.5 06-Dec Accounts receivable 734.25 Sales revenue 734.25 06-Dec Cost of goods sold 587 Merchandise invntory 587
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